US-based diversified holding company HC2 Holdings has made an offer to buy agricultural company Andersons for $1bn in cash.
The offer, which was made through a letter, valued Andersons' shares at $37 per share, a 43% premium on closing price on 17 May.
In his letter to Andersons chairman Michael Anderson, HC2 owner Philip Falcone said that the company had expressed interest in Andersons many times to enter into a negotiated deal.
In the letter, he also pointed the company's unresponsiveness to his $37 all cash offer, reported The Wall Street Journal.
Falcone said that while Andersons assured "a meaningful exchange of information" at a meeting on April 18, it has "only stated that the price was too low without providing any indication of an acceptable price or justification for a higher price."
The letter stated: "Unfortunately, you have left us no choice but to make your shareholders aware of our proposals."
Falcone also said in the letter that HC2 was seeking to acquire Andersons completely despite providing details on an alternative deal that would include purchasing two of the company's five entities- grain and rail segment businesses- for $950m.
With the latest move, HC2 would create a platform for potential bids for the remaining assets of Andersons.
Ohio-based Andersons specializes in the grain, ethanol, plant-nutrient and rail sectors.
The company reported a loss of $14.7m for the most recent quarter, compared to $4.1m in the year-ago quarter.
